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Japan's SMFG reports 8.6% drop in H1 profit as retail business stagnates

TOKYO, Nov 13 (Reuters) - Sumitomo Mitsui Financial Group Inc (SMFG), Japan's second-largest lender by assets, reported on Wednesday an 8.6% drop in first-half net profit, saying its retail business struggled under sluggish market conditions.

Net profit came in at 432 billion yen ($4 billion) in April-September compared to 472.6 billion yen a year earlier, SMFG said in a stock exchange filing.

For the full year through March, SMFG reiterated its forecast for profit of 700 billion yen. That compared with the 718.9 billion yen average of 12 analyst estimates compiled by Refinitiv. ($1 = 109.1000 yen) (Reporting by Takashi Umekawa; Editing by Muralikumar Anantharaman and Susan Fenton)